You can close a Discover savings account online, by phone, or by mail in about five minutes
Closing a Discover online savings account is straightforward. You contact Discover, confirm your identity, and request closure. Discover will move any remaining balance to the account you specify, then shut down the account. The whole process usually takes one business day, though the final confirmation may take a few days to arrive by mail.
You do not need a reason to close. You do not need to wait for a specific date. You can close whenever you want, and Discover will not charge you a fee for closing.
Key Takeaways
- You can close your account by calling Discover at 1-800-823-4138, visiting your online account dashboard, or mailing a written request.
- Withdraw or transfer any money in the account before closing, or tell Discover where to send the balance when you request closure.
- Discover will send a confirmation letter to your mailing address within a few business days after the account closes.
- Closing the account does not affect your credit score, since savings accounts do not appear on credit reports.
- If you have pending transactions or scheduled transfers, cancel those before you close to avoid complications.
Closing through your online account dashboard
Log into your Discover online account at discover.com. Navigate to the account settings or account management section — this is usually found under your profile or account menu. Look for an option labeled "Close Account" or "Account Closure." Discover's website will ask you to confirm your identity and may ask why you are closing.
Before you submit the closure request, make sure you know where you want your remaining balance to go. Discover will ask for the bank name, account number, and routing number of the account where you want the money transferred. If you do not provide this information during the online process, you can give it to Discover when they call to confirm.
Closing by phone
Call Discover customer service at 1-800-823-4138. Tell the representative you want to close your savings account. They will verify your identity by asking for your Social Security number, date of birth, or other personal information. This usually takes two to three minutes.
The representative will ask what you want to do with the money in your account. You can request a check mailed to your address, a transfer to another bank account, or a transfer to another Discover account if you have one. Provide the routing number and account number if you are transferring to another bank. The representative will confirm the closure and give you a reference number.
Closing by mail
Write a letter to Discover requesting account closure. Include your full name, account number, date of birth, and Social Security number. State clearly that you want to close the account and include instructions for where to send any remaining balance — either a mailing address for a check or the routing and account numbers for a bank transfer.
Mail your letter to Discover Bank, P.O. Box 15298, Wilmington, DE 19850-5298. Send it by regular mail or certified mail if you want proof of delivery. Discover typically processes mail requests within five to seven business days of receipt.
What happens to your money during closure
Any money in your account will not disappear. You must tell Discover where to send it, or Discover will ask you during the closure process. If you have a balance and do not specify where it should go, Discover will contact you by phone or mail to get instructions before finalizing the closure.
If you have scheduled automatic transfers or bill payments linked to this account, cancel those before you close. Discover will not process transfers from a closed account, and this can cause problems with the other account or service involved.
After your account closes
Discover will send a confirmation letter to your mailing address within a few business days. This letter confirms the closure date and shows where your final balance was sent. Keep this letter for your records.
If you requested a check, it will arrive separately, usually within five to ten business days. If you requested a transfer to another bank, the money should appear in that account within one to three business days, depending on the other bank's processing time.
Closing does not hurt your credit
Closing a savings account has no effect on your credit score. Savings accounts are not reported to credit bureaus, so closing one does not appear on your credit report. This is different from closing a credit card, which can affect your score.
If you have a Discover credit card in addition to your savings account, closing the savings account will not affect that card or your credit history with Discover.
Frequently Asked Questions
Can I reopen my account after I close it?
Discover does not automatically reopen closed accounts. If you want to save with Discover again, you would need to open a new account. This is treated as a new account, so it will have a new account number and start date.
What if I have pending deposits or transfers when I close?
Cancel any pending automatic transfers or deposits before you request closure. If a transfer is in progress when you close, it may be rejected, which can cause problems with the sending account or service. Contact Discover if you are unsure whether a transfer is still pending.
Do I need to close my account in person at a branch?
Discover is an online-only bank with no physical branches. You cannot close your account in person. You must close by phone, online, or mail.
Will Discover charge me a fee to close my account?
No. Discover does not charge a fee for closing a savings account. There are no early closure penalties or other charges.
How long does it take for my account to fully close?
The closure request is usually processed within one business day. The confirmation letter arrives within a few business days. If you requested a check or transfer, that money takes an additional five to ten business days to reach you, depending on the method.